Nowadays drone analytics software is used across various sectors in surveying and monitoring various operational behaviors such as archeological site surveys, forest management, 3D modeling for buildings, digital urban planning, precision farming, wildlife monitoring, and various other commercial purposes. This particular software analyzes the unstructured information captured by the drones into structured ones and helps organizations in providing accurate and meaningful data and in taking needful decisions for its growth and development.
Forecast Analysis of the Global Drone Analytics Market
With the increasing importance of drones in global defense spending on unmanned surveillance and to detect attack-type procurement, the market is expected to witness significant growth during the analysis timeframe. Besides, the rising importance of drones for analysis and research of data captured for the deployment in armed forces is further expected to bolster the growth of the market over the forecast period. Moreover, the increasing adoption of artificial intelligence technologies in the drone industry is expected to create huge growth opportunities for the drone analytics market over the estimated period. However, the high production and operating costs of drones may hamper the growth of the market during the forecast period.
According to the report published by Research Dive, the global drone analytics market is envisioned to generate a revenue of $7,381.9 million and grow at a CAGR of 17.1% over the analysis timeframe from 2021-2028. Regionally, the North America region is expected to generate a revenue of $2,588.8 million owing to the increasing expenditure in military aviation together with the rising emphasis on the research in drone data analytics in the commercial and defense sectors in this region.
The major players of the drone analytics market include PrecisionHawk, Inc., DroneDeploy, Pix4D SA, VIATechnik LLC, Esri, Kespry Inc., BAE Systems, Optelos LLC, Delta Drone, AeroVironment, Inc., and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global drone analytics market to grow exponentially.
For instance, in August 2021, Delta Drone, a leading international player in the field of civilian drones for professional use, has announced its acquisition with Arvista, a renowned provider of aerial surveying services to the mining industry utilizing unmanned aerial vehicles. With this acquisition, Delta is willing to expand its base across Australia, by providing aerial survey operators to gather important survey data and serve the customer base of mining.
In November 2020, Pix4D, a leading Swiss-based company providing a unique suite of photogrammetry software for drone mapping, launched is a new product named “Pix4Dcatch”, which is mainly designed for ground image acquisition. This particular product helps public safety industries and professionals to minimize time and money and to swift the business growth by creating precise 3D ground models.
In February 2021, AgEagle Aerial Systems, a leading commercial drone technology, services, and solutions provider, has announced its collaboration with Valqari, a leading Chicago-based drone delivery solution. With this collaboration, the companies are aiming to fully automate, on-demand drone delivery systems for order and delivery of food and beverages, especially for the golfers.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, the drone analytics market has experienced a moderate impact. Initially, due to the stringent lockdowns imposed by the governments of many countries, the shortage in the availability of critical components for the manufacturing and assembling of defense drones has paused. This led to cause the downfall of the market during the period of crisis. However, the increase in demand for all sorts of automatic services, starting from delivering medicines to serving food packets to the needful to maintain social distancing, has enhanced the growth of the drone analytics market during the period of pandemic.